[CBSE] Q. 79 Solution of Accounting for Share Capital TS Grewal Class 12 (2022-23)

Are you looking for the solution to Question number 79 of the Accounting for Share Capital chapter of TS Grewal Book 2022-23 Edition CBSE Board?

Himalaya Company Limited issued for public subscription 1,20,000 equity shares of ₹ 100 each at a premium for ₹ 2 per share payable as under:

On Application	₹ 3 per share
On Allotment (including premium)	₹ 5 per share
On First Call	₹ 2 per share
On Second and Final Call	₹ 2 per share

Applications were received for 1,60,000 shares. Allotment was made on pro-rata basis. Excess money on application were adjusted against the amount due on allotment.

Rohan to whom 4,800 shares were allotted, failed to pay for the two calls. These shares were subsequently forfeited after the second call was made. All the shares forfeited were reissued to Teena as fully paid at ₹ 7 per share.

Record Journal entries and show the transactions relating to share capital in the company’s Balance Sheet.

[Ans.: Capital Reserve – ₹ 14,400; Balance Sheet Total – ₹ 14,54,400.]

Solution:-

Issue of Share chapter Solutions of TS Grewal Class 12 Accountancy CBSE 2022-23

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